Facts about True Foreigners who want mortgages in Manhattan New York city.
We work with many foreign nationals buying Manhattan New York city Condominiums and often asked about what to buy in Manhattan and financing requirements for true foreigners. For foreigners that may need financing, the mortgage industry has been changing their guidelines and policy on almost weekly some daily basis. since September 2008 and the subprime crisis.
True foreigners (who do not hold working visas) will need to follow the parameters listed below to qualify a loan in Manhattan New York city: (source: Debra D. Bedell from Preferred Empired Mortgage)
- We will need a copy of their passport.
- The bank will escrow for the life of the loan 6 months of mortgage payments, real estate taxes and common charges.
- The borrower will designate a licensed attorney at law as their agent upon whom process may be served in the event of a default.
- The borrower will set up a small account with the bank so that the monthly mortgage payments can be automatically deducted.
- Loan size: 60% of the purchase price. The largest loan, without an exception would be $1,000,000. If a borrower wants a larger loan amount an exception would have to be requested. Minimum loan amount is $500,000.
- Application: the employment would be a no document where no information is requested. The assets would have to be verified and transferred to a US account. The bank would look at their statements for the last two months.
- Title can be in a Corporation name if desired.
- Normally the bank only wants the borrower to own one property in the area. This will be case by case if they own more than one property.
- To Read More on Foreign Nationals buying Manhattan New York city Real Estate Click below links:
- Manhattan Real Estate Condominiums and Co-Ops.
- Foreign National Buyers Buying in Manhattan New York city Must Read.
- Foreign National Buyers Friendly Buildings.
- Purchase procedure of Manhattan Real Estate.
If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (212)321-7122 or email us at: ehsu(@)elliman.com
disclaimer: We are not a bank and we cannot loan you or your broker any financing. We work with the top banks and borkerages in the country and can put in front of the best loan officers in New York. These requirements listed above is merely to give you an idea of your financing options; not to market our services.
Copyright © 2009 by Eileen Hsu: Foreigner Nationals Financing in Manhattan New York City Requirements.
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